Cashfloat’s analysts have examined just under quarter of a million payday loan applications to try and find out who was most affected financially during the Coronavirus pandemic. You can click here to download the report for free or click the banner below to view it now – no email signup required.
Which data does the report analyse to find out who was most affected financially by the pandemic?
Our report analyses applications for our direct lender payday loans submitted during the first year of the pandemic, from the 1st March 2020 until the 28 February 2021.
When were people most in need of emergency finance during the pandemic?
We began by looking at the volume of applications we received. For this part alone, we analysed just applications received from 1st March 2020 until 31st December 2020. We also plotted some key dates onto the graph so you can see how the volume of payday loan applications were affected during different stages of the pandemic.
Key dates:
|
A
23 March |
First national lockdown begins. |
F
4 July |
Pubs, restaurants, hairdressers reopen. |
K
14 October |
Tier system comes into place. |
|
B
10 May |
Second phase of lockdown. Those who can’t work from home go back to work. |
G
3 August |
The Eat-Out scheme starts. |
L
5 November |
The second lockdown begins. |
|
C
1 June |
Schools reopen. |
H
14 August |
Theatres, bowling, soft play open. |
2 December |
Second Lockdown ends. |
|
D
15 June |
Non-essential shops reopen. |
I
14 September |
Gatherings of 6+ people were banned. |
M
19 December |
Stay at home directive issued. |
|
E
23 June |
Restrictions relaxed, but the 2m rule stays. |
J
22 September |
Work from home and 10 pm curfew for hospitality sector reinforced. |
We extracted the key dates from the Institute for Government website.
Key takeaways from payday loans application submissions during the course of the pandemic:
- Applications dropped 52% during the first UK lockdown. However, during the second lockdown, the volume of applications did not dip significantly.
- Applications spiked 41.9% on the first day the ‘Eat Out to Help Out’ government scheme started.
- You can easily spot Christmas Day – where applications dropped sharply (as they do every year)
Overall, the three busiest months for payday loan applications during the first year of the pandemic were June, July and August.
Want to know more information about who needed to apply for payday loans during the pandemic? Click here to view the report or click the banner below to download it in full for free. Have any questions, comments or suggestions? Reach out to us at newsroom@cashfloat.co.uk.
Are you still recovering from the financial strains of COVID-19? Read our guide to coronavirus financial recovery to help you get back on your feet quickly, without resorting to payday loans.